Ethics Final - AICPA Questions And
Answers
Generally, bethical bdilemmas bare bnot broutine. bTherefore, bthere bis bno bway bthat ban
bindividual bcan bbe bprepared bor binformed bfor ba bproblem bahead bof btime. b- bcorrect
banswers✔✔False, bIt bis bimportant bthat byou bdo byour bhomework band bunderstand
bhow bto bprotect byourself band byour bemployer. bThis bwill bgive byou ba b"head's bup"
bwhen byou bface bpotential bethical bdilemmas
PCAOB bset bauditing, bquality bcontrol, bethics, bindependence band bother bstandards
brelating bto bthe bpreparation bof baudit breports. b- bcorrect banswers✔✔False, bOnly bfor
bIssuers
The bAICPA bbylaws brequire bthat bmembers badhere bto bthe brules bin bthe bCode. b-
bcorrect banswers✔✔True
The bAmerican bInstitute bof bCertified bPublic bAccountants bhas bbeen bthe bprimary
bethical brules bfor binternal bauditors. b- bcorrect banswers✔✔False
Members bemployed bby bothers bto bprepare bfinancial bstatements bor bto bperform
bauditing bmust badhere bto bthe bobjectivity band bindependence bprinciple bin bthe bAICPA
bCode bof bConduct b- bcorrect banswers✔✔False, bThey bare bcharged bwith bthe bsame
bresponsibility bfor bobjectivity bas bmembers bin bpublic bpractice
The bAICPA bCode bof bProfessional bConduct bderives bits bauthority bfrom bspecific
bfederal blegislation. b- bcorrect banswers✔✔False, bThe bAICPA bCode bof bProfessional
bConduct bderives bits bauthority bfrom bthe bBylaws bof bthe bAICPA.
An bethical bdilemma bis bdefined bas ba bsituation bwhere btwo bor bmore b"right" bvalues
bare bin bconflict b- bcorrect banswers✔✔true
Members bwould bbe bviolating bthe bIntegrity bprinciple bif bthey bhave binadvertent berrors
band bhave bhonest bdifferences bof bopinion bwhile bperforming btheir bduties. b- bcorrect
banswers✔✔False, bIntegrity bcan baccommodate bthe binadvertent berror band bhonest
, bdifference bof bopinion; bit bcannot baccommodate bdeceit bor bsubordination bof
bprinciples.
AICPA bInterpretations blimit bthe bscope band bapplication bof bthe brules. b- bcorrect
banswers✔✔False, bThe binterpretations bof bthe brules bof bconduct bprovide bguidelines
babout bthe bscope band bapplication bof bthe brules bbut bare bnot bintended bto blimit bsuch
bscope bor bapplication
The bAICPA bCode bof bProfessional bConduct bprovides bpractical bguidance bto bonly
bmembers bin bpublic bpractice b- bcorrect banswers✔✔False, bThe bAICPA bCode
bprovides bpractice bguidance bfor ball bmembers.
Under bthe bRules bof bProfessional bConduct bpromulgated bunder bthe bTexas bPublic
bAccountancy bAct, ball bof bthe brules bof bprofessional bconduct bshall bapply bto band
bmust bbe bobserved bby ba bcertificate bor bregistration bholder bengaged bin bthe bclient
bpractice bof bpublic baccountancy. b- bcorrect banswers✔✔True, bCorrect bunder bRule
b501.53(a), bApplicability bof bRules bof bProfessional bConduct.
Integrity bas bdefined bin bthe bAICPA bCode bof bConduct bis ban belement bof bcharacter
bfundamental bto bprofessional brecognition b- bcorrect banswers✔✔True
The bcharacteristics bcommon bto ball bprofession binclude bexistence bof ba bcomplex
bbody bof bknowledge band backnowledgement bof ba bresponsibility bto bserve bthe bclient.
b- bcorrect banswers✔✔False, bresponsibility bto bserve bthe bpublic
Membership bin bthe bAICPA bis bvoluntary, bbut bby baccepting bmembership, ba bCPA
bassumes ban bobligation bof bself-discipline band bagrees bto badhere bto bthe bCode. b-
bcorrect banswers✔✔True
The bAICPA bCode bof bProfessional bConduct bbegins bwith ba bpreface bthat bapplies bto
ball bmembers. b- bcorrect banswers✔✔True
The bResponsibilities bprinciple bof bthe bAICPA bCode bof bConduct brequires bthat
bservice band bpublic btrust bnot bbe bsubordinated bto bpersonal bgain band badvantage. b-
bcorrect banswers✔✔False, bThis bis bintegrity
The bAICPA bCode bof bProfessional bConduct bprovides bassurance bto bclients band bto
bthe bpublic bthat bthe bprofessional bintends bto bmaintain bhigh bstandards. b- bcorrect
banswers✔✔True
PCAOB bwas bcreated bby bthe bSarbanes-Oxley bAct bof b2002. b- bcorrect
banswers✔✔True
CPAs bwho bpractice bin bpublic baccounting bare brequired bto bbe bmembers bof bAICPA.
b- bcorrect banswers✔✔False, bmembership bin bthe bAICPA bis bvoluntary
Answers
Generally, bethical bdilemmas bare bnot broutine. bTherefore, bthere bis bno bway bthat ban
bindividual bcan bbe bprepared bor binformed bfor ba bproblem bahead bof btime. b- bcorrect
banswers✔✔False, bIt bis bimportant bthat byou bdo byour bhomework band bunderstand
bhow bto bprotect byourself band byour bemployer. bThis bwill bgive byou ba b"head's bup"
bwhen byou bface bpotential bethical bdilemmas
PCAOB bset bauditing, bquality bcontrol, bethics, bindependence band bother bstandards
brelating bto bthe bpreparation bof baudit breports. b- bcorrect banswers✔✔False, bOnly bfor
bIssuers
The bAICPA bbylaws brequire bthat bmembers badhere bto bthe brules bin bthe bCode. b-
bcorrect banswers✔✔True
The bAmerican bInstitute bof bCertified bPublic bAccountants bhas bbeen bthe bprimary
bethical brules bfor binternal bauditors. b- bcorrect banswers✔✔False
Members bemployed bby bothers bto bprepare bfinancial bstatements bor bto bperform
bauditing bmust badhere bto bthe bobjectivity band bindependence bprinciple bin bthe bAICPA
bCode bof bConduct b- bcorrect banswers✔✔False, bThey bare bcharged bwith bthe bsame
bresponsibility bfor bobjectivity bas bmembers bin bpublic bpractice
The bAICPA bCode bof bProfessional bConduct bderives bits bauthority bfrom bspecific
bfederal blegislation. b- bcorrect banswers✔✔False, bThe bAICPA bCode bof bProfessional
bConduct bderives bits bauthority bfrom bthe bBylaws bof bthe bAICPA.
An bethical bdilemma bis bdefined bas ba bsituation bwhere btwo bor bmore b"right" bvalues
bare bin bconflict b- bcorrect banswers✔✔true
Members bwould bbe bviolating bthe bIntegrity bprinciple bif bthey bhave binadvertent berrors
band bhave bhonest bdifferences bof bopinion bwhile bperforming btheir bduties. b- bcorrect
banswers✔✔False, bIntegrity bcan baccommodate bthe binadvertent berror band bhonest
, bdifference bof bopinion; bit bcannot baccommodate bdeceit bor bsubordination bof
bprinciples.
AICPA bInterpretations blimit bthe bscope band bapplication bof bthe brules. b- bcorrect
banswers✔✔False, bThe binterpretations bof bthe brules bof bconduct bprovide bguidelines
babout bthe bscope band bapplication bof bthe brules bbut bare bnot bintended bto blimit bsuch
bscope bor bapplication
The bAICPA bCode bof bProfessional bConduct bprovides bpractical bguidance bto bonly
bmembers bin bpublic bpractice b- bcorrect banswers✔✔False, bThe bAICPA bCode
bprovides bpractice bguidance bfor ball bmembers.
Under bthe bRules bof bProfessional bConduct bpromulgated bunder bthe bTexas bPublic
bAccountancy bAct, ball bof bthe brules bof bprofessional bconduct bshall bapply bto band
bmust bbe bobserved bby ba bcertificate bor bregistration bholder bengaged bin bthe bclient
bpractice bof bpublic baccountancy. b- bcorrect banswers✔✔True, bCorrect bunder bRule
b501.53(a), bApplicability bof bRules bof bProfessional bConduct.
Integrity bas bdefined bin bthe bAICPA bCode bof bConduct bis ban belement bof bcharacter
bfundamental bto bprofessional brecognition b- bcorrect banswers✔✔True
The bcharacteristics bcommon bto ball bprofession binclude bexistence bof ba bcomplex
bbody bof bknowledge band backnowledgement bof ba bresponsibility bto bserve bthe bclient.
b- bcorrect banswers✔✔False, bresponsibility bto bserve bthe bpublic
Membership bin bthe bAICPA bis bvoluntary, bbut bby baccepting bmembership, ba bCPA
bassumes ban bobligation bof bself-discipline band bagrees bto badhere bto bthe bCode. b-
bcorrect banswers✔✔True
The bAICPA bCode bof bProfessional bConduct bbegins bwith ba bpreface bthat bapplies bto
ball bmembers. b- bcorrect banswers✔✔True
The bResponsibilities bprinciple bof bthe bAICPA bCode bof bConduct brequires bthat
bservice band bpublic btrust bnot bbe bsubordinated bto bpersonal bgain band badvantage. b-
bcorrect banswers✔✔False, bThis bis bintegrity
The bAICPA bCode bof bProfessional bConduct bprovides bassurance bto bclients band bto
bthe bpublic bthat bthe bprofessional bintends bto bmaintain bhigh bstandards. b- bcorrect
banswers✔✔True
PCAOB bwas bcreated bby bthe bSarbanes-Oxley bAct bof b2002. b- bcorrect
banswers✔✔True
CPAs bwho bpractice bin bpublic baccounting bare brequired bto bbe bmembers bof bAICPA.
b- bcorrect banswers✔✔False, bmembership bin bthe bAICPA bis bvoluntary
